Chery Automobile Co. will break new ground in Latin America and its factory of 200 million U.S. dollars in Venezuela will start producing vehicles for the region later this year.
Chery had signed a cooperative agreement with China Development Bank and the Venezuelan government to set up the new factory, which will be the second-largest that Chery has in Latin America, following its existing auto manufacturing facility in Brazil, a top company executive told Tuesday's China Daily.
Du Weiqiang, vice-president of Chery International, said the new auto-making plant will be producing 20,000 cars annually.
The new factory will be the first Chinese automotive plant in Venezuela and will help Chery - China's largest auto exporter and largest Chinese independent automaker - to ramp up its exports.
Under the agreement, China Development Bank will "grant loans to the Venezuelan government and Chery will transfer technology."
